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it reduces deficit even though it increases government health spending and reduces the deficit because it's got tax increases that are bigger than the increases in spending response to the extent that our medium and long-term problem is driven by demographic and the growth on health care spend withing the law has made the second of those worse. >> i think that is not , i mean, you're absolutely right. there's no question that we expanded -- coverage to mills of americans. i think 23 million people that have health insurance that didn't have it before. it's not free. it comes at the cost. everyone understood it came as a cost. it was paid for in part by tax increases and cuts in other government health care spending. it was not all on the revenue side. the other thing that is important for the congressional budget office said it reduced the it in the first decade, which is what they look at if you look in the the second decade, we think it will reduce the deficit even more. i think they were in fact giving credit and thinking it would slow the growth rates of some of the health care spe
it reduces deficit even though it increases government health spending and reduces the deficit because it's got tax increases that are bigger than the increases in spending response to the extent that our medium and long-term problem is driven by demographic and the growth on health care spend withing the law has made the second of those worse. >> i think that is not , i mean, you're absolutely right. there's no question that we expanded -- coverage to mills of americans. i think 23...
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we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you think about the single mom working 12 hours a day and her paycheck does not take her to the end of the month on food. what she realizes and has been a responsible mom, but realizes after she makes the decision to have her child not have an abortion is that her paycheck is not going to help her feed her infant. the women infant children program not only feeds these families, it also teaches them about nutrition and how to be healther and live healthier lives. this is important for families and the economy. we are helping people stay healthy longer and one of
we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you...
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as the president talks up, how to reduce the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets, none of which have ever come to balance. the house republicans have acted responsibly, our budget is yet to balance, so what we will do is put together a budget that balances in a ten-year time. all it does tomorrow it says to the president tell us when you'ryourbudget balances. it is important to do that because we have our principled solutions with the program. liz: used a dozen state when the budget would be balanced, is that it? >> we have had to end dollars deficit of the past four years in the past for budgets by this president have never come into balance ever in the 75
as the president talks up, how to reduce the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets,...
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we believe there is a better way to reduc the deficit but americans do not support sacrificing real spending cuts for more tax hikes." >>> efforts by the white house to head off spending cuts come as a new government report predicts the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that the cuts will go into effect march 1st says the government will run a deficit of $845 billion this year. that's compared to $1.1 trillion short fall. the outlook predicts the improvements will not last. it warns that an aging population will drive up retirement spending and rising interest rates will put the debt at unsustainable level it's current laws remain in place, debt by 2023 will equal 77% of gross domestic product. that is roughly double the 39% average seen over the past 40 years. >>> coming off the republicans' bruising defeat, eric cantor is looking to rebrand his party n a speech at a d.c. think tank, he moved away from his combative tone expressing a need to work on issues with president obama important to t
we believe there is a better way to reduc the deficit but americans do not support sacrificing real spending cuts for more tax hikes." >>> efforts by the white house to head off spending cuts come as a new government report predicts the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that the cuts will go into effect march 1st says the government will run a deficit of $845 billion this year....
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if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make the case we should cut spending short term to help our children down the road or ourselves depending how long you are, people poo-poo that is not like real math s that real math we saw on the bar charts? >> that is real math and the second example of that real math is what the cbo put out which says, suppose you do nothing? well, then we have a fault turf bad growth. their long-term growth rate for the u.s. has been marked down from 2 1/2% a year ago to 2.2%. and that's testimony to a staggering debt burden this economy is bearing. whether you look at it as the bad
if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make...
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boehner says he doesn't want another temporary fix if there's no long-term agreement to reduce the deficit. some house republicans have indicated they will let the steep automatic cuts take effect. those would take a huge bite out of military and domestic programs. >>> democrats in the virginia state senate have rejected two amendments that would have provided funding for transportation projects in the state. one of the amendments would replace governor mcdonnell's retail sales tax increase with a narrow 5.5% wholesale tax on gasoline. the second amendment would have set the retail fuel tax at 8%. governor mcdonnell issued a statement which said clearly this was all about partisanship, not policy and virginians deserve far better from their elected officials. >>> d.c. mayor gray vincent unveiled new proposals in his annual state of the district address. >> we are growing more than in decades with 30,000 new residents in the last two years, a growth rate of more than 1100 net new residents per month. >> the mayor proposed spending millions of dollars to build and preserve affordable housing
boehner says he doesn't want another temporary fix if there's no long-term agreement to reduce the deficit. some house republicans have indicated they will let the steep automatic cuts take effect. those would take a huge bite out of military and domestic programs. >>> democrats in the virginia state senate have rejected two amendments that would have provided funding for transportation projects in the state. one of the amendments would replace governor mcdonnell's retail sales tax...
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so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the w he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the honor, but i'm only a chairman today. the gentleman is rognized. mr. hoyer: we wish you the best for the future. the chair: thank you. mr. van hollen, may i ask for how long he was recognized? mr. van hollen: i yield four minutes. the chair: the gentleman from maryland is recognized. mr. hoyer: i thank the gentleman for yielding. mr. price of georgia said what the american people want. what the american people don't want is games. this is a game. this is a sham. this is a shame. what the american people want is honest legislatio
so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the w he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the...
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deficit reduction is not a priority. martha: the president believes the economy is getting back on track. so let the folks decide. stuart, thank you very much. gregg: according to the cbo. by the end of the year the federal debt held by the american people will be 76% of the gdp and it doesn't get much better from there. martha: the cbo also predicting unemployment will be with us for some time to come. here is the director of the cbo. >> under current law we expect the unemployment rate will remain above 7.5%. that would make 2014 the 6th year in a row with unemployment so high. the longest such period in 70 years. martha: the unemployment rate has been above 7% since december of 2008. and most recent monthly number ticked up from 7.9% from 7.8%. not a good trend. when you look at some of these numbers it makes it a tough argument for economic recovery. but the president remains convinced we are starting to see it. gregg: poverty is up. incomes are down. so the arrow is going the wrong way. in the meantime president oba
deficit reduction is not a priority. martha: the president believes the economy is getting back on track. so let the folks decide. stuart, thank you very much. gregg: according to the cbo. by the end of the year the federal debt held by the american people will be 76% of the gdp and it doesn't get much better from there. martha: the cbo also predicting unemployment will be with us for some time to come. here is the director of the cbo. >> under current law we expect the unemployment rate...
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blue bars are president obama's deficits. those really big bars are when the whole world economy crashed, including ours. remember that? you notice how the deficit gets smaller when the bars are blue over time? see how they're getting shorter as you go to the right? today the congressional budget office released their deficit projection for 2013. so for this upcoming year, the nonpartisan cbo. according to them under president obama the deficit is slated to continue to shrink, as it has been under president obama. but the supposedly gigantic growth of those deficits is why congressional republicans are >>> in march 2007, some of the fine folks at morgan stanley were brainstorming via e-mail about what they wanted to call a new product they were working on. it was an investment package essentially that they would eventually go on to sell to a chinese bank. here are some of the potential product names that were suggested in this brainstorming session by a particular morgan stanley vice president. flutter fish 2007, or mike tyso
blue bars are president obama's deficits. those really big bars are when the whole world economy crashed, including ours. remember that? you notice how the deficit gets smaller when the bars are blue over time? see how they're getting shorter as you go to the right? today the congressional budget office released their deficit projection for 2013. so for this upcoming year, the nonpartisan cbo. according to them under president obama the deficit is slated to continue to shrink, as it has been...
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so the people can understand that you have an objective in mind you are objective is to get the deficit below 20% by 2015. we are on track for that. we need to pay overtime allowances for agency workers and so on on new year's. the congress and the u.s. government operate differently than government here. the strategy with enough time to achieve that. there is a constant explanation to people as to how you intend to get the. we need european support. in that sense, the united states is such a huge country. with such potential. i believe that i think the united states also needs to look at the global positioning because of the impact on the world economy. >> thank you very much. i'm sorry that we are going to have to draw this to a close. i was hoping that the irish prime minister with a a message saying that if you could only get your act together and cure these problems, it would be so much better for europe and the world. but you are way too much of a diplomat for that. [laughter] >> thank you very much. i'm sorry we cannot take more questions. it's been a fascinating session. please
so the people can understand that you have an objective in mind you are objective is to get the deficit below 20% by 2015. we are on track for that. we need to pay overtime allowances for agency workers and so on on new year's. the congress and the u.s. government operate differently than government here. the strategy with enough time to achieve that. there is a constant explanation to people as to how you intend to get the. we need european support. in that sense, the united states is such a...
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of the report shows the city will accumulate a $745 million budget deficit over the next decade because of a growing gap in how much the city earns and the amount it spends. that deficit would be even bigger at $2 billion if you factor in what the city needs for infrastructure repairs and retiree healthcare benefits. according to the report, if the city does not enact major reforms, it will go bankrupt. the 10-year forecast was commissioned by the city from an outside firm in philadelphia. mayor rawltings blake is expected to propose financial reforms next week based on that report. linda stow, abc 2 news. >>> thousands of people are celebrating the raven's super bowl win, violence hit the streets of baltimore. just two ploks from pratt street, police say a fight led to a triple stabbing and that a teenager is dead. this happened around 1:30 yesterday afternoon at the corner of howard and fayette. the teens were between the ages of 15 and 16 years old. one teen is in critical condition, the other is in serious condition. abc 2 news has found a memorial page for one of the teens, that te
of the report shows the city will accumulate a $745 million budget deficit over the next decade because of a growing gap in how much the city earns and the amount it spends. that deficit would be even bigger at $2 billion if you factor in what the city needs for infrastructure repairs and retiree healthcare benefits. according to the report, if the city does not enact major reforms, it will go bankrupt. the 10-year forecast was commissioned by the city from an outside firm in philadelphia....
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year per taxpayer to cover our existing deficit. the total tab for the past four years of $1 trillion each year would be about $27,500 a year. back in the sixth district of indiana where i come from, that is a lot of money. i think we it owe it to the taxpayers know what we're doing here in washington. i yield -- i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from maryland seek recognition? mr. van hollen: thank you, madam chairman. i ask unanimous consent to claim time in opposition even though i am not. the chair: the gentleman is recognized. mr. van hollen: thank you, madam chairman. i think it's very useful to let everybody in the country know exactly what the debt and deficit will be on a per capita basis. we in congress can of course do the math. i think it's no problem asking the president to run that calculation as well. again, i want to emphasize the fact there is agreement on reducing the deficit. the real differences here are over how we do
year per taxpayer to cover our existing deficit. the total tab for the past four years of $1 trillion each year would be about $27,500 a year. back in the sixth district of indiana where i come from, that is a lot of money. i think we it owe it to the taxpayers know what we're doing here in washington. i yield -- i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from maryland seek recognition? mr. van hollen: thank...
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what would you call a deficit hawks or austerity pushers or whatever no i don't think they're unique but they're the most visible they have what they call a sovereign unit that looks at the credit ratings of governments and the head of that unit has been acting like a stopper in for quite some time issuing dictates the u.s. government and other governments about how the people should manage their own budgets so i think they've been very visible in this regard i mean i think that but the other thing to remember and particularly with the payback theory is you know i'm one of the few people who did the analysis on this but when they downgraded the u.s. back in two thousand and eleven the stock market didn't care at all there was no penalty for the united states government in that downgrade so i think that is you know they're not unique but there are two things different about them one is that they're very visible in talking about deficits and the government but number two is that thanks to the eleven subcommittee as senator carl levin in congress there's a great deal of documentation of
what would you call a deficit hawks or austerity pushers or whatever no i don't think they're unique but they're the most visible they have what they call a sovereign unit that looks at the credit ratings of governments and the head of that unit has been acting like a stopper in for quite some time issuing dictates the u.s. government and other governments about how the people should manage their own budgets so i think they've been very visible in this regard i mean i think that but the other...
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that deficit would be even bigger at $2 billion if you factor in what the city needs for infrastructure repairs and retiree healthcare benefits. according to the report, if the city does not enact major reforms it, will go bankrupt. the 10-year forecast was commissioned by the city from an outside firm. mayor rawlings blake is expected to propose financial reforms next week based on the report. linda stow, abc 2 news. >>> president obama will be in annapolis. he's going to talk strategy with u.s. senate democrats at a closed-door retreat. the president is expected to discuss financial matters as well as gun control and immigration. >>> also today governor martin o'malley will testify on the gun control bill. he'll appear before senate judicial proceedings committee in annapolis. the governor wants to ban assault-style guns and require restrictions for handguns. the measure would also set aside in the state budget for safety. >>> police are still trying to figure out what led to a deadly stabbing just as the raven's victory celebration was wrapping up yesterday. the victims sadly are thr
that deficit would be even bigger at $2 billion if you factor in what the city needs for infrastructure repairs and retiree healthcare benefits. according to the report, if the city does not enact major reforms it, will go bankrupt. the 10-year forecast was commissioned by the city from an outside firm. mayor rawlings blake is expected to propose financial reforms next week based on the report. linda stow, abc 2 news. >>> president obama will be in annapolis. he's going to talk...
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we all want to fix the deficit problem. there is no question about it. but i think when they look at this bill and understand what we are really facing, i do not believe that we will have a problem there. >> [inaudible question] [talking over each other] >> it is different great obviously, we have two different versions. the house has this attrition of the workforce that has been the component and we had a combination for every new positions, we had one and then two, and we can bind both so we are on the same page. the house proposal on the attrition and we have also added congressional papers on it as well for the civilian workforce. >> [inaudible question] >> i would certainly defer to others here and the chairman. there is a real urgency here. one of the reasons that the president and his administration during his campaign, they didn't actually want the law that requires you to notify workers that they may be laid off, essentially the department of labor says the defense employers didn't have to comply with that law, it's because they knew that once t
we all want to fix the deficit problem. there is no question about it. but i think when they look at this bill and understand what we are really facing, i do not believe that we will have a problem there. >> [inaudible question] [talking over each other] >> it is different great obviously, we have two different versions. the house has this attrition of the workforce that has been the component and we had a combination for every new positions, we had one and then two, and we can bind...
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blue bars are president obama's deficits. those really big bars are when the whole world economy crashed, including ours. remember that? you notice how the deficit gets smaller when the bars are blue over time? see how they're getting shorter as you go to the right? today the congressional budget office released their deficit projection for 2013. so for this upcoming year, the nonpartisan cbo. according to them under president obama the deficit is slated to continue to shrink, as it has been under president obama. but the supposedly gigantic growth of those deficits is why congressional republicans are committed to us lurching from self-imposed crisis to self-imposed crisis instead of us working this stuff out like adults. the accusation that president obama has grown the deficit giantly since he has been in office is a very politically potent accusation. and when republicans say it, the beltway media tends to write it down as if it was true. it is not true. it has not been true for a very long time, and there is really no ex
blue bars are president obama's deficits. those really big bars are when the whole world economy crashed, including ours. remember that? you notice how the deficit gets smaller when the bars are blue over time? see how they're getting shorter as you go to the right? today the congressional budget office released their deficit projection for 2013. so for this upcoming year, the nonpartisan cbo. according to them under president obama the deficit is slated to continue to shrink, as it has been...
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the deficit goes back up even though we saw it go slightly down. they're calling this the sandwich generation, the people in the middle getting squeezed by taking care of their older parents that can't retire early and taking care of kids. youth unemployment at 11.5. >> more of the middle class becoming the working poor at this point. and the problem is, you can't ask the guy a question. he makes an announcement. you can't ask him a question to get meaningful discussion to hear the other side. when you have the chance, and he was able to have control to put something through, what did he do? we're still hearing blame it on bush. that's old. >> also tax hikes. we'll have the highest spending and highest government spending and highest tax rates. i'm not sure who is can connecte dots to create jobs. >> can i say something? the new normal is the old miserable. the carter era with bandwidth. does he care about the fracturing. the harder american life gets the more he can change it. when we take the bus instead of drive that's progress. he sees shrinkag
the deficit goes back up even though we saw it go slightly down. they're calling this the sandwich generation, the people in the middle getting squeezed by taking care of their older parents that can't retire early and taking care of kids. youth unemployment at 11.5. >> more of the middle class becoming the working poor at this point. and the problem is, you can't ask the guy a question. he makes an announcement. you can't ask him a question to get meaningful discussion to hear the other...
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that could happen sooner to depending on what happens to interest rates in the deficits. we are getting to that point. the difference in terms of real pain now in interest among we will be paying and is more than our entire defense budget which is a pretty big deal. gerri: here is another number that blew me away. 7 million people, 7 million people will lose their employer sponsored health care. you see how this happens because ultimately that penalty that you paid as an employer is less than what you would pay for full coverage. the smart and intelligent employer says and is going to let the federal government pick up the tab. this is not what we were promised. >> that's right. now what we were promised that all, and will we are told that even a modest plan under obamacare is likely to cost an american family $20,000 a year, that is a lot of people are going to do, not just employers, but individuals. this is a joy to result in more people going on to some form of government support and is going to result, perhaps, and a lot of people going without health insurance. it c
that could happen sooner to depending on what happens to interest rates in the deficits. we are getting to that point. the difference in terms of real pain now in interest among we will be paying and is more than our entire defense budget which is a pretty big deal. gerri: here is another number that blew me away. 7 million people, 7 million people will lose their employer sponsored health care. you see how this happens because ultimately that penalty that you paid as an employer is less than...
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deficit under $1 trillion since 2008. that's projected to fall to $430 billion in 2015; that's about 2.4% of g.d.p. but the public debt is projected to hit 77% of the economy by 2023. >> countries that find themselves with very high debt to g.d.p. and then encounter economic problems or international circumstances to which they need to respond really find themselves in very bad and dangerous circumstances. >> reporter: so the budget trade-off remains: balancing near-term economic pain against long-term gain. darren gersh, "n.b.r.," washington. >> tom: a trio of companies relying on consumers had some mixed financial results late today but were greeted with mostly encouraging reactions with their stocks. we will have details from restaurants panera bread and chipotle mexican grill in a moment. but first, disney. while earnings per share were down from a year ago, they were better than estimates. tuna amobi covers disney for s&p capital i.q. take us through some of the details and really the mix of income within this big me
deficit under $1 trillion since 2008. that's projected to fall to $430 billion in 2015; that's about 2.4% of g.d.p. but the public debt is projected to hit 77% of the economy by 2023. >> countries that find themselves with very high debt to g.d.p. and then encounter economic problems or international circumstances to which they need to respond really find themselves in very bad and dangerous circumstances. >> reporter: so the budget trade-off remains: balancing near-term economic...
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deficit under $1 trillion since 2008. that's projected to fall to $430 billion in 2015; that's about 2.4% of g.d.p. but the public debt is projected to hit 77% of the economy by 2023. >> countries that find themselves with very high debt to g.d.p. and then encounter economic problems or international circumstances to which they need to respond really find themselves in very bad and dangerous circumstances. >> reporter: so the budget trade-off remains: balancing near-term economic pain against long-term gain. darren gersh, "n.b.r.," washington. >> tom: a trio of companies relying on consumers had some mixed financial results late today but were greeted with mostly encouraging reactions with their stocks. we will have details from restaurants panera bread and chipotle mexican grill in a moment. but first, disney. while earnings per share were down from a year ago, they were better than estimates. tuna amobi covers disney for s&p capital i.q. take us through some of the details and really the mix of income within this big me
deficit under $1 trillion since 2008. that's projected to fall to $430 billion in 2015; that's about 2.4% of g.d.p. but the public debt is projected to hit 77% of the economy by 2023. >> countries that find themselves with very high debt to g.d.p. and then encounter economic problems or international circumstances to which they need to respond really find themselves in very bad and dangerous circumstances. >> reporter: so the budget trade-off remains: balancing near-term economic...
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would that help solve the $16 billion deficit that the usps has? >> there have been other agreements with the other unions who have done the same thing. step to the plate. look at a lower pay for those employees, incoming employees. the unions have done that. >> okay. >> the unions have worked with the postal service to do that. we need to look a the at increasing business, not cutting and slashing but increasing business and have six-day delivery. >> okay. >> and increase our service to the american public. >> ma'am, i'm going to let you go he, but the quinnipiac coal had americans voting four to one in favor of eliminating the first class mail service. we're going to have to leave it there. >> thank you very much. >>> thank you. >>> unions want him out of the job. what's the post master general have to say about that? patrick donohoe will be a special guest at 8 p.m. on fbn. don't miss that. >>> can states force law abiding gun owners to pay for future victims of crime? they're about to try. straight from the congressional budget office, he signe
would that help solve the $16 billion deficit that the usps has? >> there have been other agreements with the other unions who have done the same thing. step to the plate. look at a lower pay for those employees, incoming employees. the unions have done that. >> okay. >> the unions have worked with the postal service to do that. we need to look a the at increasing business, not cutting and slashing but increasing business and have six-day delivery. >> okay. >> and...
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will it bust the rainfall deficit? no. only .25" of rainfall. buttoned of the week will be showery both thursday and friday with a chance of showers. a little bit of fog tomorrow morning along the coast north bay valleys, then we're sunny. showers will get here thursday morning. we will have on-and-off showers for two days both thursday and friday. highs tomorrow upper 50s close to average. but with the breeze it will feel chilly. 58 concord and san jose. palo alto tomorrow 57. pleasant hill 59. hump day san ramon 57 degrees. napa 58. and mid-50s for kentfield, mill valley, sausalito and san francisco. we are looking at an extended forecast with that chance of showers on thursday and friday. over the weekend, here comes the sunshine once again. but it will still be brisk upper 50s, low 60s. next week we are dry once again. we'll be right back. well, well, well. growing up, we didn't have u-verse. we couldn't record four shows at the same time. in my day, you were lucky if you could record two shows. and if mom was recording her dumb show and dad
will it bust the rainfall deficit? no. only .25" of rainfall. buttoned of the week will be showery both thursday and friday with a chance of showers. a little bit of fog tomorrow morning along the coast north bay valleys, then we're sunny. showers will get here thursday morning. we will have on-and-off showers for two days both thursday and friday. highs tomorrow upper 50s close to average. but with the breeze it will feel chilly. 58 concord and san jose. palo alto tomorrow 57. pleasant...
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the deficit's going down. this year alone, medicare, medicaid, social security and interest on the debt consumes every dollar that washington takes in. this is such a crisis, and it's growing. >> well, this whole idea that don't worry about the debt, you had a little tangle with the krugman a couple of weeks ago. this exposes how wrong the view is. don't worry about the debt because the debt has built to a large number what the congressional budget office is showing is that we're going to be paying a lot of money on that debt, and it's going to crowd out vital public services. and that's why we had to worry about the debt all along. and we didn't. now it's built up. now we're facing reality. i thought it was a little odd. the president said, well, we have to do something, but he didn't offer anything to do because the main part he played was two months ago, he said, let's make the tax cuts permanent, both sides, and now we see, well, you can't afford that. >> you talk about paul krugman -- >> that's what they
the deficit's going down. this year alone, medicare, medicaid, social security and interest on the debt consumes every dollar that washington takes in. this is such a crisis, and it's growing. >> well, this whole idea that don't worry about the debt, you had a little tangle with the krugman a couple of weeks ago. this exposes how wrong the view is. don't worry about the debt because the debt has built to a large number what the congressional budget office is showing is that we're going to...
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Feb 6, 2013
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we talk about debt and deficit a lot. according to the cbo report our debt is growing, the deficit has come down. what can you tell us about the discrepancy there? >> right. well the federal budget deficit is about half of what it was in 2009, this is the yearly federal expenditures, right stp-t budget battle in washington continues to be a philosophical debate on spending cuts versus taxes, and what the right battle should be to fix our fiscal mess. do we swallow the bitter pill now for cuts and higher taxes to purchase growth in the future or do we reign in taxes. they need to know what to do about 85 billion in spinning cuts. republicans, no surprise said spending cuts only, that's been the mantra. jenna: that's where they are. and we'll see where potentially we meet in the middle. eventually we'll have to do something. big numbers out there. lori, thank you. jon: speaking of spending cuts, big changes could be coming to your mailbox. the u.s. postal service set to scrap saturday mail delivery. but does that cash-strap
we talk about debt and deficit a lot. according to the cbo report our debt is growing, the deficit has come down. what can you tell us about the discrepancy there? >> right. well the federal budget deficit is about half of what it was in 2009, this is the yearly federal expenditures, right stp-t budget battle in washington continues to be a philosophical debate on spending cuts versus taxes, and what the right battle should be to fix our fiscal mess. do we swallow the bitter pill now for...
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Feb 6, 2013
02/13
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indicated they will let the automatic cuts take effect if there's no long-term agreement to reduce the deficit. both cuts would take a bite out of military and domestic spending programs including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> on the "cbs moneywatch" now, overseas markets got a boost and postal problems. ashley morrison is here in new york with that and more. good morning, ashley. >> and good morning do you, anne-marie. well top official's resignation from the bank of japan spurred the market this morning. tokyo's nikkei jumped 3% to close out a four-year high while hong kong's hang sang sank half a percent. the dow shot up 99 points to close at 13,979 while the nasdaq gained 40 points. >>> the end of an era at the post office may be near. after losing $16 billion last year, the post master general is expected to announce today plans to cut costs. one plan mentioned in the past includes saturday mail. it's trimmed its work force by 35%. >>> rumors about dell giving up on wall street and going private are true. the struggling computer company announce
indicated they will let the automatic cuts take effect if there's no long-term agreement to reduce the deficit. both cuts would take a bite out of military and domestic spending programs including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> on the "cbs moneywatch" now, overseas markets got a boost and postal problems. ashley morrison is here in new york with that and more. good morning, ashley. >> and good morning do you, anne-marie. well...
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the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax and spend, it lives on and so does our massive debt. reality check, "varney & company" is about to begin. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. >> first up this wednesday morning, gas prices, yes, they are still on the rise. national average for regular up more than a penny, now at 3.54. just in the past month the price of gas spiked about 25 cents a ga
the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax...
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the symbolic vote he detail how he would cut the deficit to avoid the automatic spending cuts next month. >> mr. president, you missed the deadline again. let's see your plan. let's show it to the american people and have the discussion about the proper way to manage down this debt and deficit. >> reporter: without a budget deal on march 1st so-called sequestration will force reductions in military training, cutbacks in operations, and layoffs of civilian pentagon employees plus civilian defense contractors. >> it's an idiotic management nightmare to try to run a complex sophisticated, long-term program when you have short-term, massive cuts. >> reporter: deep cuts also loom in social services. outgoing defense secretary panetta slammed democrats and republicans for their game of chicken. >> let's see how bad it can get in order to have the other party blink. >> reporter: some senate republicans today said push the deadline back seven months. but house speaker john boehner said in effect he will not blink. >> at some point, washington has to deal with its spending problem. i've watched t
the symbolic vote he detail how he would cut the deficit to avoid the automatic spending cuts next month. >> mr. president, you missed the deadline again. let's see your plan. let's show it to the american people and have the discussion about the proper way to manage down this debt and deficit. >> reporter: without a budget deal on march 1st so-called sequestration will force reductions in military training, cutbacks in operations, and layoffs of civilian pentagon employees plus...
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i think that everybody recognizes we have to reduce the deficit. the deficit is out of control. the only reason we've been able to sustain this level of deficit is because the fed prints money and buys 70%-75% of the country's debt. that can't continue. if you're going to address the issues -- you know, this peace meal, kicking the can down the road, a couple more months, a couple more months, people are sick of that. address entitlements. they are 60% of the budget. the president needs to lead on this with a budget with rational proposals, something to at least get a democrat to vote for it. the budgets so far don't get democrats on republicans' votes. we have to deal with the real problem here which is that we spend a whole lot more money than we bring in with 60% going to entitlements that do not survive if not revised. cheryl: you're a business owner, ran cko, close to insolvency, and you brought the company back. you know what you are talking about. how do you get job creation? more jobs in the country, more tax revenue coming into the government. it seems that whether it's
i think that everybody recognizes we have to reduce the deficit. the deficit is out of control. the only reason we've been able to sustain this level of deficit is because the fed prints money and buys 70%-75% of the country's debt. that can't continue. if you're going to address the issues -- you know, this peace meal, kicking the can down the road, a couple more months, a couple more months, people are sick of that. address entitlements. they are 60% of the budget. the president needs to lead...
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Feb 6, 2013
02/13
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now, under the terms of some of those previous budget deals, congress must now find $58 billion in deficit reduction either by raising revenue or closing tax loopholes by march 1st. medicare would take a 2% reduction. the president prefers an option that raises more money by closing tax loop hoalsz. republicans want to stick with spending cuts saying they've already done the revenue part. a study estimated 448,000 jobs in d.c., maryland and virginia could be affected by automatic budget cuts. the sequestration cuts are unpopular with both parties and there are concerns about the economic impact. >> our economy right now is headed in the right direction and it will stay that way as long as there aren't any more self-inflicted wounds coming out of washington. >> the sooner we solve our spending problem, the sooner our jobs problem will go away as well. >> reporter: you may remember these cuts were originally scheduled to kick in on january 1st because congress could not agree on a broader package for deficit reduction back in 2011 and 2012 in exchange for republicans agreeing to raise the de
now, under the terms of some of those previous budget deals, congress must now find $58 billion in deficit reduction either by raising revenue or closing tax loopholes by march 1st. medicare would take a 2% reduction. the president prefers an option that raises more money by closing tax loop hoalsz. republicans want to stick with spending cuts saying they've already done the revenue part. a study estimated 448,000 jobs in d.c., maryland and virginia could be affected by automatic budget cuts....
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Feb 6, 2013
02/13
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our deficits are financed by treasury bonds. most of which are being purchased by the fed with newly created money. this drives up the price of bonds and keeps interest rates artificially low, seniors on fixed incomes who have saved their whole lives now cannot make a fair market on their interest for their savings. in addition to squeezing the incomes of our seniors, creating money to fund deficits also drives up prices which has a disproportionate adverse effect on seniors, on the poor, and on middle income families. creating money out of thin air to fund the president's spending must stop. the first step is to stop the reckless spending by having the president present a plan to balance the budget. this is a simple request with no reasonable excuse for opposition. i support h.r. 444, the require plan act, to protect our seniors, the poor, and middle income families. i yield back. the chair: the gentleman yields back. the gentleman from maryland is recognized. mr. van hollen: madam chairman, again we have heard a number of the
our deficits are financed by treasury bonds. most of which are being purchased by the fed with newly created money. this drives up the price of bonds and keeps interest rates artificially low, seniors on fixed incomes who have saved their whole lives now cannot make a fair market on their interest for their savings. in addition to squeezing the incomes of our seniors, creating money to fund deficits also drives up prices which has a disproportionate adverse effect on seniors, on the poor, and...
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the president's bipartisan commission came up with a deficit reduction plan. i think we're back to ground zero again. but it doesn't feel like it this time. i don't know why. i think frankly it's going to happen. >> got about five seconds. final words. >> more government in business than you like to admit. >> we will see. unfortunately it's not too far from now where we will see. we'll be right back. thank you, gentleman. ♪ ♪ i'm halfway to your heart ♪ you have to let me know ♪ so i don't make my worst mistake ♪ ♪ turn around and let you go [ female announcer ] when sweet and salty come together, the taste is irresistible. made with sweet, smooth peanut butter and salted, roasted peanuts. sweet and salty nut bars by nature valley. nature at its most delicious. >>> the voting is over. now, today is the day your monopoly board will get a make over. hasbro will announce which game piece it will eliminate. remember we talked about this a while back. and as you can see on the graph, the shoe, the wheelbarrow and the iron are in the danger zone. whichev
the president's bipartisan commission came up with a deficit reduction plan. i think we're back to ground zero again. but it doesn't feel like it this time. i don't know why. i think frankly it's going to happen. >> got about five seconds. final words. >> more government in business than you like to admit. >> we will see. unfortunately it's not too far from now where we will see. we'll be right back. thank you, gentleman. ♪ ♪ i'm halfway to your heart ♪ you have to let...
WHUT (Howard University Television)
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Feb 6, 2013
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the central government has said that you have got to get your deficits in order, the difference between what to take in and spend. it is austerity that is affecting the lives of everyone in so many different ways. in seville it means a large pile of rubbish. >> not very good for america -- major tourist attraction, obviously. tom, thank you for joining us. in other news in brief, the chinese government says they want to address the gulf but between rich and poor in the country by lifting 80 million people out of poverty in three years. proposals include measures to boost the income of poor farmers, increase the minimum wage in the cities, and provide education and cheap housing. a senior opposition leader was killed in tunisia on his way to work. of the unified democratic patriot party, he was shot in the head and neck. he was a popular secularist. the tunisian prime minister described the killing as a terrorist act and a blow to>> ts the country's revolution. the cia has been operating a secret air base for unmanned drones in saudi arabia for the past two years. the u.s. media knew of
the central government has said that you have got to get your deficits in order, the difference between what to take in and spend. it is austerity that is affecting the lives of everyone in so many different ways. in seville it means a large pile of rubbish. >> not very good for america -- major tourist attraction, obviously. tom, thank you for joining us. in other news in brief, the chinese government says they want to address the gulf but between rich and poor in the country by lifting...
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what would you call a deficit hawks or austerity pushers or whatever no i don't think they're unique but they're the most visible they have what they call a sovereign unit that looks at the credit ratings of governments and the head of that unit has been acting like a stopper in for quite some time issuing dictates the u.s. government and other governments about how the people should manage their own budget so i think they've been very visible in this regard i mean i think that but the other thing to remember and particularly with the payback theory is you know i'm one of the few people who did the analysis on this but when they downgraded the u.s. back in two thousand and eleven the stock market didn't care at all there was no penalty for the united states government in that downgrade so i think that is you know they're not unique but there are two things different about them one is that they're very visible in talking about deficits and the government but number two is that thanks to the eleven subcommittee as senator carl levin in congress there's a great deal of documentation of
what would you call a deficit hawks or austerity pushers or whatever no i don't think they're unique but they're the most visible they have what they call a sovereign unit that looks at the credit ratings of governments and the head of that unit has been acting like a stopper in for quite some time issuing dictates the u.s. government and other governments about how the people should manage their own budget so i think they've been very visible in this regard i mean i think that but the other...
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Feb 6, 2013
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budget office is predicting high unemployment continued through 2014 but, this is a big but, a lower deficit, the smallest since president obama's been in office, well under $1 trillion. they attribute that to an improving economy and to the fiscal cliff deal. veronica. >> tracie potts, thank you. >>> a major decision expected from the boy scouts of america. national board members set to vote on whether to lift the decade long ban on guy leaders and scouts. it comes after a meeting at the texas headquarters. it is a controversial issue from both sides and putting one of the largest youth organizations under a microscope. scouting should be open to everyone. texas governor rick perry expressed the opposite opinion. board members choose to scrap the policy, local scout units will be able to decide for themselves on whether or not to admit gays to the rankings. >>> on the heels of the boy scouts decision, the pentagon is announcing a policy shift for guy service members and partners. leon panetta expected to extend benefits to partners of personnel. it remains doubtful that medical, down theal
budget office is predicting high unemployment continued through 2014 but, this is a big but, a lower deficit, the smallest since president obama's been in office, well under $1 trillion. they attribute that to an improving economy and to the fiscal cliff deal. veronica. >> tracie potts, thank you. >>> a major decision expected from the boy scouts of america. national board members set to vote on whether to lift the decade long ban on guy leaders and scouts. it comes after a...